# Demographics → Intangible Investment

| Variable | M1: Z→Intang | M2: Z→Intang+ctrl | M3: Z→I/Y (32c) | M4: Age→Intang | M5: Z→NA-Intang |
|:---|---:|---:|---:|---:|---:|
| Z_1 | -77.9249*** | -85.9951** | 49.0813* | | -35.0989 |
| | (27.9879) | (34.7105) | (29.2549) | | (30.0272) |
| Z_2 | 7.3957** | 9.9185** | -4.7028 | | 4.2862 |
| | (3.5959) | (4.4880) | (3.9248) | | (3.8832) |
| Z_3 | -0.2189* | -0.3412** | 0.1162 | | -0.1508 |
| | (0.1303) | (0.1636) | (0.1480) | | (0.1415) |
| fiscal_bal_gdp | | 0.2240*** | 0.3108*** | 0.1823** | 0.2255*** |
| | | (0.0698) | (0.0391) | (0.0735) | (0.0639) |
| nfa_gdp_lag | | -2.6573*** | -0.2137 | -3.3555*** | -3.4259*** |
| | | (0.7213) | (0.7113) | (0.8846) | (0.6143) |
| rgdp_growth | | -0.1201** | 0.2019*** | -0.1235** | -0.0857* |
| | | (0.0497) | (0.0242) | (0.0482) | (0.0492) |
| log_rel_opw | | 7.1855*** | 2.7302** | 8.6500*** | 8.7191*** |
| | | (1.3561) | (1.1952) | (1.7567) | (1.1518) |
| kaopen | | -0.0639 | 0.1006 | -0.3436 | 0.0614 |
| | | (0.6069) | (0.2547) | (0.7187) | (0.5272) |
| old_dep | | | | -3.7304 | |
| | | | | (9.2069) | |
| youth_dep | | | | 39.7566** | |
| | | | | (18.1416) | |
|:---|---:|---:|---:|---:|---:|
| N | 362 | 247 | 749 | 247 | 250 |
| R² | 0.5360 | 0.6439 | 0.1298 | 0.5135 | 0.6245 |
| Countries | 26 | 25 | 25 | 25 | 25 |

*Panel GLS with AR(1) correction. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*